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How worried should we be?

Steve

Well-known member
How worried should we be?

if we had exploited our new technology and started a national effort towards real energy independence. Egypt wouldn't be so concerning...

as it is,.. worst case scenario,.. not only is it a step towards a middle east on fire.. but likely a step towards the third world war... this time with all the major countries sitting on the sidelines just hoping to contain the slaughter.. until it is to late..


from an article a month ago..

Concerns over the disruption of the Suez Canal has inflated the price of crude oil to its highest point in over a year, but analysts say the spike is likely temporary.

As the unrest in Egypt reaches a boiling point, tensions are not the only thing on the rise. So are oil prices.

Egypt is not an oil producer but its control of the Suez Canal, one of the world's busiest shipping lanes that links the Mediterranean with the Red Sea, gives it a crucial role in maintaining global energy supplies. The Middle East accounts for about a quarter of the world's crude oil output and over 2 million barrels of oil are transported through the Suez Canal daily.

Crude prices have remained remarkably stable over the past year in the face of a long list of supply disruptions, from Nigerian oil theft and Syrian civil war to an export standoff between Sudan and South Sudan. The reason in large part is a thick new blanket of North American oil cushioning the markets. This has "moderated" the market effect of recent outage


now,....

NEW YORK, Aug 16 (Reuters) - Oil futures on both sides of the Atlantic ended higher for the sixth straight session on Friday, with Brent oil posting the biggest weekly percentage gain in six weeks as turmoil in Egypt and Libya stoked worries about oil supply security.

Civil unrest in Egypt and Libya supported prices, analysts said. Although Egypt is not a major oil producer, investors are wary that the unrest there could spread through the Middle East, which pumps more than a third of the world's oil.

Additionally, Libya's oil production and exports have been crippled by violence and strikes, pushing exports to their lowest level since the civil war of 2011. One refinery has reinstated some exports.

A bomb attack halted crude oil flow through the Iraq-Turkey pipeline on Friday, and repair work could take 48 hours.

"The fact that WTI is moving higher and the stock market is getting beat up is just confirmation that this is a risk premium being priced in,"

locally our at pump prices have fluctuated between 10 to 20 cents daily..
in other words the price is all over the place..

My worry is that the Obama administration is slow to react to the looming oil crunch and we end up with a carter era gas crises plunging our frail economy into a depression..

given Obama's past inability to lead.. I feel that investments need to be again tailored towards the downward spiral of economic doom...
 

Big Muddy rancher

Well-known member
They announced today another big rail terminal being built in Saskatchewan to ship oil south. I think this is the fourth or fifth one this company has.

Guess they are betting Barry won't approve the Keystone. :?
 
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